Moniepoint, a business bank in Nigeria, has unveiled a consumer app and debit card services, signaling its expansion from serving the corporate sector to catering to individuals’ banking needs.
Formerly known as TeamApt, this Digital Financial Services Provider aims to compete with established players like Opay and Palmpay in the realm of personal banking.
With the newly launched app, users can effortlessly manage everyday financial tasks, including money transfers, utility bill payments, airtime purchases, and more. Additionally, the issued debit cards empower customers to access ATMs, make purchases at POS terminals, and engage in online transactions. Businesses will also benefit from streamlined transactions when their patrons utilize Moniepoint cards.
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A standout feature of the app is its innovative card dispute resolution system. This functionality allows users to report unsuccessful card transactions and actively pursue a resolution.
They will have the capacity to log disputes related to faltered card transactions and persistently work towards a resolution until a complete reversal of the transaction is achieved. Moniepoint’s strategic move is designed to grant users full control over the process of resolving disputes.
In a press release, Ope Adeyemi, the Senior Vice President for Channels and Sales Tools at Moniepoint, said: “The introduction of a personal banking product enables us to establish more effective connections between businesses and their customers. Our robust infrastructure and services will provide substantial support in this endeavor.”
He emphasized that the company’s steadfast dedication to providing financial contentment naturally drove them to extend their reliable services to both customers and employees across various businesses.
Furthermore, Moniepoint has outlined its intentions to introduce additional services, including salary advances, in the upcoming months.
PalmPay recently achieved a significant milestone, amassing a user base of 25 million. Similarly, Opay boasts 35 million registered app users and a network of approximately 500,000 agents in Nigeria who rely on the platform for money transfers.
While Moniepoint’s mobile app and debit card may not currently stand out, the company’s involvement as a sponsor for this year’s edition of Big Brother Naija adds an intriguing facet.
This African TV show garnered a staggering 900 million fan votes in the 2020 season, underscoring its immense popularity and engagement.